Former FTX US President Reveals SBF’s Management Flaws

An ex-President of FTX US has revealed the reasons for his resignation from the position. He said that the inexperienced management destroyed the firm.

Harrison explained that SBF had tried to block him off from essential decisions involving FTX’s US operations after 17 months as the head of FTX US.

1/49 Many have asked questions about my time at FTX US and why I left when I did. As I indicated earlier this week, I’m happy to begin sharing my experiences and perspective publicly.
— Brett Harrison (@BrettHarrison88) January 14, 2023

Brett Harrison’s Reason for Leaving SBF

Brett Harrison decided on January 14 to reveal the truth about his interactions with Sam Bankman-Fried during his time at FTX US. In a Twitter thread, he detailed the unfortunate events that led him to leave his ideal career.

He claims that disagreements with Sam Bankman-Fried and his subordinates over FTX’s management methods led to his departure. He stated:

The truth was that FTX US hadn’t felt to me like the dream job it appeared to the industry and media for some time, and my departure was not abrupt.

Harrison mentioned that he and SBF previously worked together at Jane Street. Then late in March of 2021, he received an invitation from SBF for him to join FTX US. At first, he first worked independently from SBF and had a “great” time during his first few months at FTX US.

However, according to Harrison, it was tremendously stressful for everyone to work at FTX US because employees’ knowledge and experience were so often neglected.

Brett stated that he was the subject of allegations in the media, which was also why he left. He continued by saying that Sam threatened to ruin his professional reputation and terminate him from his job.

29/49 In response, I was threatened on Sam’s behalf that I would be fired and that Sam would destroy my professional reputation. I was instructed to formally retract what I’d written and to deliver an apology to Sam that had been drafted for me.
— Brett Harrison (@BrettHarrison88) January 14, 2023

In light of this, Harrison said that he was excluded from SBF’s communications about strategic decisions because of his increasing dissatisfaction with the organization. It has been reported that in April of 2022, he filed a formal written complaint and that he planned to leave if the issues he highlighted were not addressed.

28/49 In early April 2022, my eleventh month, I made one last try. I made a written formal complaint about what I saw to be the largest organizational problems inhibiting FTX’s future success. I wrote that I would resign if the problems weren’t addressed.
— Brett Harrison (@BrettHarrison88) January 14, 2023

Brett was eager to start working after quitting his relationship with the firm. But over time, he realized how selfishness and dishonesty consistently harmed the company’s performance. He said it was one of the main factors in his decision to leave the organization.

Crypto total market cap at $937 billion on the weekend chart | Chart: TradingView.com

Harrison Moving Forward

Harrison spent over seven years as the head of trading systems technology at investment firm Jane Street before joining FTX US, and he spent nearly two years as a market maker at Citadel Securities. Now, Harrison is venturing out on his own.

It was revealed in December that Harrison is looking to raise $6 million for a new crypto firm at a $60 million valuation that will focus on developing crypto trading tools for large investors. However, in a recent tweet, Harrison claimed that the poor reputation of FTX had made it harder for him to get investors.

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